Akinwumi Adesina Named Chairman of Botswana Diamond Fund

Akinwumi Adesina Takes Helm of Botswana Diamond Fund to Drive Economic Diversification and Job Creation

Botswana has appointed former African Development Bank President Akinwumi Adesina as chairman of its newly established Diamonds for Development Fund, marking a major step in the country’s strategy to transform diamond wealth into broader economic growth, innovation and sustainable development.

The Government of Botswana and De Beers Group jointly announced the appointment as part of a long-term effort to ensure the nation’s diamond revenues create opportunities beyond the mining sector. Adesina will officially assume his new role on June 15, 2026.

His appointment comes shortly after completing a transformative ten-year tenure at the African Development Bank Group, where he championed investment, infrastructure expansion, energy access and economic development initiatives across Africa.

Over the past decade, Adesina helped expand the bank’s capital base from $93 billion to $318 billion while strengthening its position as one of Africa’s most influential development finance institutions.

He also spearheaded the Africa Investment Forum, which has attracted more than $225 billion in investment interest since its launch in 2018.

His leadership further advanced the bank’s High 5 development agenda, an ambitious framework that improved the lives of more than 565 million Africans through investments in energy, agriculture, industrialization, regional integration and quality of life initiatives.

In addition, Adesina helped launch Mission 300, a partnership between the African Development Bank and the World Bank that seeks to provide electricity access to 300 million Africans by 2030.

Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described the appointment as a significant milestone in the country’s economic transformation agenda.

She said Adesina’s extensive experience in development finance, institutional reform and large-scale economic programs aligns with Botswana’s vision of maximizing the value of its diamond resources while increasing citizen participation across the diamond value chain.

The government believes the fund will accelerate diversification efforts by supporting innovation, entrepreneurship, beneficiation and new industries capable of reducing the country’s dependence on mining revenues.

De Beers Group Chief Executive Officer Al Cook also welcomed the appointment, emphasizing that the fund requires visionary leadership to achieve its ambitious objectives.

According to Cook, Adesina’s distinguished record in African development, strong governance credentials and extensive global network position him to guide the initiative as it seeks to create jobs and unlock new economic opportunities for Botswana’s citizens.

Adesina described the Diamonds for Development Fund as a groundbreaking model that could inspire resource-rich nations worldwide to convert natural wealth into lasting prosperity.

He said the initiative reflects a bold commitment to ensuring that Botswana’s citizens benefit directly from the wealth generated by diamonds.

“It is not only diamonds that should shine. The lives of the people of Botswana must also shine,” Adesina said.

He added that the fund has the potential to establish a global benchmark for responsible resource management by creating enduring value for future generations.

The Diamonds for Development Fund is currently completing the appointment of independent directors as it moves toward full operations.

As the world’s leading diamond producer by value, Botswana has long relied on the precious stones sector as the backbone of its economy.

However, growing pressure to diversify revenue sources has pushed policymakers to seek new pathways for sustainable growth.

The new fund represents one of the country’s most ambitious efforts to channel natural resource wealth into broader economic development.

Beyond mining, it aims to stimulate innovation, strengthen local enterprises, expand employment opportunities and encourage wider participation in economic activities linked to the diamond industry.

For De Beers, the initiative reinforces its commitment to ensuring that Botswana’s diamond resources deliver lasting developmental benefits.

The company believes the fund can help build a more resilient economy while improving livelihoods and creating prosperity for future generations.

With Akinwumi Adesina now set to lead the initiative, Botswana is positioning itself at the forefront of a growing global movement that seeks to transform natural resource wealth into inclusive economic growth, long-term development and shared prosperity.